Thursday, January 24, 2008

Bastards! And Bankers...

RBNZ - OCR unchanged at 8.25 percent

I have a mortgage coming off 6.5% on 2 April and likely to go to 9.99%.

That's 3.5% extra in interest paid each year, so $3,500 extra for every $100k of loan. With a top marginal rate of 39% (12% of workers in NZ face this margin: they must be "Rich Pricks"), plus Employee ACC Levy of another approx 1%, I have to earn another $5,833.33 to tread water.
Me, I'm praying for a US recession: it's mainly their rates (plus and minus a risk margin, fricked-sideways by lenders giving money away in a wheeze called "sub-prime") that determine New Zealand fixed interest rates.

Thank you, you stupid bankers


Mark Wadsworth said...

So you live in NZ? I thought 10 Downing St?

Clunking Fist said...

Er, Mr Speaker, that is correct. I think the public will find that the honerable gentleman is just trying to muddy the waters. In fact this government has invested more each year in New, er in Britain, er, in fact, the public are under no illusion that it this conflusion flows from initiatives formulated by the previous Conservative Government!